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Report on Importance of Innovation and Commercialization

   

Added on  2020-06-03

12 Pages3453 Words94 Views
Leadership Management
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Innovation and commercialization
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Table of ContentsINTRODUCTION...........................................................................................................................................3TASK 1..........................................................................................................................................................3P1 Importance of innovation and difference between innovation and invention...................................3P2 Contribution of organizational vision, culture, leadership and team to develop innovation and commercialization...................................................................................................................................5TASK 2..........................................................................................................................................................6P3 Analysis of 4P’s of innovation and application of innovation funnel in development of innovative ideas........................................................................................................................................................6P4 Developments in frugal innovation.....................................................................................................7TASK 3..........................................................................................................................................................8P5 Use of NPD for innovation and commercialization and importance of commercial funnel................8P6 Development of innovation business case..........................................................................................9TASK 4........................................................................................................................................................10P7 Evaluation of the tools which are used by the organization to develop, retain or protect knowledge and intellectual property rights.............................................................................................................10CONCLUSION.............................................................................................................................................10REFERENCES..............................................................................................................................................11
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INTRODUCTIONInnovation refers to creation of something new with the application of new methods andtechniques. There is huge requirement of innovation for the organizations to attain sustainabilityin their business operations. It provides the opportunity to the management of organization is tocreate innovate features in their products according to their different requirements of customersand satisfy their various demands. To attain innovation in their operations need to adopt newtechnologies. Through implementation of new technologies and development of innovative ideaslarge number of benefits are gathered by organization like competitive advantage, highercustomer base, build good brand image, higher customer satisfaction etc. Application of innovatetechnologies improves the internal strength of organization and motivates the employees toprovide their best to attain desired results. Rowlinson Knitwear is small clothing organizationprovides their products in UK.In the present report explain about, importance of innovation and difference betweeninnovation and invention, creation of innovation and commercialization through organizationalvision, culture, leadership and team, 4P’s of innovation and creation of innovative ideas throughapplication of innovation funnel and use of frugal innovation. Also, importance of commercialfunnel and contribution of NPD for innovation and commercialization and application of toolswhich helps in protection of intellectual property rights (Baraldi and Waluszewski, 2011).TASK 1P1 Importance of innovation and difference between innovation and inventionDifference between innovation and inventionInnovation and invention are two different things. Innovation in their old process leads tonew inventions in organization. The different points which make difference between both theterms are defined below: InnovationInventionIt is the process which involves the use of newideas and methods for development of newfeatures in their existing products.It includes the process of application of newideas to develop something new which is notpresent in market yet. Under the process of newproduct is emerged which is different in everyaspects.It can be used by the management oforganization regarding development of theexisting features and quality of their products.It is the process which helps in development ofnew product line which helps in attraction ofthe new customer base.Example: Rowlinson Knitwear producesschool and corporate wear clothes. Applicationof innovative ideas helps in improvement ofExample: Invention by the management ofRowlinson Knitwear helps in development ofnew line of clothing’s which is not yet exist in
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the designs and comfortability in their clothes.market.Importance of InnovationThrough application of innovative technologies Rowlinson Knitwear attains both internaland external benefits. Internal benefits are referred as improvement of the existing skills andknowledge of employees of organization. It helps to retain their employees for longer period oftime through build their good professional career. Other internal benefit is improvement of thequality of their clothes. On other hand, external benefits which are gathered through innovationare competitive advantage, large number of profit, high market share, good brand image etc.Such importance of innovation which is attained by Rowlinson Knitwear is mentioned below: Competitive advantage: One of the major advantages which is gathered by RowlinsonKnitwear through innovation is to attain competitiveness. Innovation helps inimplementation of changes in production and marketing process which makes theirclothes more unique and different from others. It also helps in improving the quality oftheir products and reduction of operation cost which provides opportunity to fixreasonable prices (Bianchi and et. al., 2010). It helps in attraction of large number ofcustomers through providence of new design of corporate wears which are morecomfortable for them. It influences the behavior of customers and helps in creation oflong term bond which helps to provide tough competition to their competitors. Application of best methods: Innovation helps in use of innovative technologies,methods and techniques in production process and marketing activities. It provides theopportunity to capture large market share and satisfaction of the different preferences ofcustomers. It contributes in development of long term relation with customers to ascertaintheir trust and loyalty. It provides the opportunity regarding retention of their customersfor longer period of time. It helps in application modern tools of marketing like socialmedia which has wide range in comparison to other measures. It bring awareness amongcustomers about their clothing lines.
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